The issue of tax reform continues to be a high priority for Congress in Washington, D.C. A tax reform report that was recently submitted to the Joint Tax Committee makes it clear that we need to be vigilant in our advocacy efforts to protect credit unions' tax-exempt status.
The Network, in conjunction with CUNA, is planning to launch an Action Alert today, and a strong response is needed from credit unions. The goal is to ensure that legislators know the importance of the tax exemption and the benefits it brings to consumers and the economy. It's imperative that credit unions mobilize their GREAT members to respond to the forthcoming alert. Also, encourage credit union staff, volunteers and members who are not yet GREAT participants to sign up at www.greatcreditunions.org and become part of the Network's GrassRoots Education & Action Team.
It is the Network's goal to have 100 percent of credit union employees signed up as GREAT members, as well as at least 2 percent of each credit union's membership. If we can meet our participation goal, and solicit a massive response to the upcoming Action Alert, not only can we be successful in protecting the credit union tax exemption, but we will reinforce credit unions' grassroots strength among elected officials.
To help credit unions educate staff and members on the importance of the tax exemption, the Network has also created a Tax Advocacy Resources page on the MnCUN website. This page serves as a toolkit for credit unions to help raise awareness of the necessity of the credit union tax exemption. Credit unions are encouraged to use these tax advocacy resources to promote the benefits of credit unions' tax status to members and staff.
CUNA will be hosting a webinar for credit unions on the tax status and advocacy efforts next week. The Network will pass along any pertinent details and, as always, will continue to update you on any legislative developments involving the tax exemption.
Unable to attend Annual Meeting? Watch via video stream
Even if you can't join us in person this weekend for MnCUN's 2013 Annual Meeting, credit union professionals and volunteers are invited to be virtual participants of Friday's Business Meeting. To be held from 9 a.m.-10:30 a.m., this meeting reflects on the achievements of 2012, discusses the initiatives for the upcoming year and more!
Credit unions are encouraged to take advantage of this free video stream by coordinating a full staff meeting centered on this live event. This meeting offers results of Board elections and votes on Network Bylaws. Participants will also discover ways they can be involved in Network activities and will hear updates from committees such as Credit Unions for Kids and the Family Involvement Council. The meeting will feature speakers Pat Pierce, MnCUN Board Chairman, and Mark Cummins, MnCUN President & CEO, as well as special guest speakers Mary Dunn, CUNA's Senior Vice President & Deputy Counsel, and CUNA Chair Pat Wesenberg.
Attend the MnCUN Business Meeting via live video stream and be part of this important event! No need to register to be a virtual participant, visit the Annual Meeting section of the Network website for additional information.
MnCUN, Foundation host forum to discuss student-run credit unions
Student-run credit unions have become a hot topic in Minnesota in recent years. Three credit unions in our state – HomeTown Credit Union, St. Paul Federal Credit Union and Postal Credit Union – have received media coverage and high praise for their in-school branches, all of which have opened their doors in the past two years.
To provide insight into the process, the Minnesota Credit Union Network and Minnesota Credit Union Foundation are offering an educational session for credit unions to discuss the topic. The Student-Run Credit Union Forum will include insight from an economist from the Federal Reserve Bank of Minneapolis, who will discuss experiences with in-school financial institutions elsewhere. Representatives from HomeTown, St. Paul Federal and Postal will also share personal experiences of establishing student credit unions of their own. The session will also provide resources that outline the process – from research to hiring and marketing to tracking.
Join us for this informative and interactive session, which is being offered live at the Network office in St. Paul and also via webinar. To register for this forum, go to the Event Calendar page of the Network website. MnCUN will also host a Marketing & Business Development Roundtable immediately following this Student Run Credit Union Forum, for those interested in participating and continuing the dialogue. (Note: Separate registration is required for both events.)
Student-Run Credit Union Forum
- Wednesday, June 19
- 10-11:30 a.m.
- Network office, St. Paul (webinar participation also available)
- Forum followed by a Marketing & Biz Development Roundtable from 11:30 a.m.-1:30 p.m.
NCUA credit union workshop coming to Bloomington
The National Credit Union Association (NCUA) Office of Small Credit Union Initiatives (OSCUI) is bringing its Credit Union Workshop to the Twin Cities. The Minnesota offering of this free workshop series is Friday, June 28 from 7:45 a.m.-4 p.m. at the Minneapolis Airport Marriot in Bloomington. Topics to be covered include:
- What to Expect During Your Next Exam
- Leadership Development
- Identifying Dishonest Employees
- Fair Lending presentations
- Strategic Planning
- Issues Facing Small Credit Unions
For details on lodging and to register, go to the Event Calendar of the Network website. Financial assistance to attend the training session is available to credit unions under $10 million in assets, chartered less than 10 years, or low-income designated. Email OSCUITraining@ncua.gov to apply.
Annual Meeting session offers timely political, public relations insights
Tax code debate in Congress prompts vigilance on CU tax status
CFPB releases three Small Entity Compliance Guides for mortgage rules
CFPB delays effective date for Single Credit Premium Insurance Rule
Fannie Mae, Freddie Man to purchase only qualified mortgages
Report details military members' complaints on consumer financial system
CFPB releases report on student loan affordability
COPPA amendments to go into effect July 1
FinCEN issues report on SAR activity